JOHANNESBURG (miningweekly.com) - ASX-listed exploration and development company West Wits Mining is in the process of applying for two mining permits, which should enable the company to significantly increase gold production from its Witwatersrand Basin project (WBP) in the fourth-quarter of the calendar year.
The company reported on Monday that its geology team had identified two openpit areas in WBP, focusing on the high-grade main and south reefs, which would be known as WBP-Main and South Central openpit and Main and South East openpit.
The two new openpits would ensure continuity of ore production and cash flow for the WBP, as the Kimberley Central openpit would be depleted in the next 10 to 12 months.
West Wits said that it would apply for the mining permits in March and that it expected them to be granted by September, allowing for monthly ore production to materially increase in the fourth quarter.
Meanwhile, West Wits said that it continued to focus on fast-tracking the application for the mining right across the WBP and that it aimed to submit paper work in April. Upon approval, which is expected within 12 months, the prospective gold production from WBP could be scaled up significantly, which would be a harbinger to create incremental value for shareholders.
This positive news flow, the company added, comes at a time when the rand is strengthening owing to improving conditions in South Africa's political and economic environment, following the swearing in of Cyril Ramaphosa as President last week.